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Wolverine's net income falls 7.99% last fiscal
Feb '16
Courtesy: Wolverine Worldwide Inc
Courtesy: Wolverine Worldwide Inc
Wolverine, a US based apparel and accessories supplier, reported a fall of 7.99 per cent in its net earnings to $123.2 million in the fiscal year ending on January 2, 2016 as compared to $133.9 million in the fiscal year ending on January 3, 2015, according to a press statement released by the company.

Diluted EPS was reported to be $1.20 in this period as compared to $1.30 in the corresponding last fiscal, a fall of 8.33 per cent.

Operating profit was reported at $201.1 million as compared to $229.9 million, a fall of 14.32 per cent.

The revenue for this year was $2,691.6 million as compared to $2,761.1 million, a fall of 2.51 per cent.

Commenting on the results, Mike Stornant, senior vice president and chief financial officer of Wolverine said, “This last quarter was incredibly volatile for the whole industry as global economic pressures worsened, holiday sales were tepid and unseasonably warm weather impacted many regions. We foreshadowed these challenging conditions in mid-September.”

“Since early September, we’ve made important leadership and organisational changes focused on fixing under-performing areas of the business. We are confident we are well-positioned to navigate the challenging global landscape in front of us,” he added. (MCJ)

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